Updated gold price closing session 7/29: Gold ring recovers

Illustration: Phan Anh

Update SJC gold price

Domestic SJC gold price closed on July 29, 2024.

SJC gold bar price recorded at DOJI Group. Unit: Million VND/tael. Chart: Khuong Duy

Price of round gold ring 9999

As of 6:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 75.85-77.10 million VND/tael (buy - sell); an increase of 50,000 VND/tael in both directions compared to the close of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 75.6-77.05 million VND/tael (buy - sell); an increase of 100,000 VND/tael for buying and an increase of 50,000 VND/tael compared to the previous trading session.

Bao Tin Minh Chau listed the price of gold rings at 75.88-77.08 million VND/tael (buy - sell); unchanged from the previous trading session.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

World gold price

As of 6:30 p.m. today, the world gold price listed on Kitco was at 2,388.9 USD/ounce, up 2.8 USD/ounce compared to the closing price of last week's trading session.

Chart: Jiang Wei

Gold Price Forecast

World gold prices increased despite the increase in the USD index. At 6:30 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 104.262 points (up 0.19%).

Gold prices are likely to rise on the possibility that the US Federal Reserve will cut interest rates in September and as geopolitical tensions rise in the Middle East, while investors turn to the Fed's meeting this week.

The Fed will meet on July 30-31 and is expected to keep interest rates unchanged at 5.25-5.5%. However, the unemployment rate unexpectedly increased in June 2024, inflation cooled down, and statements from top Fed officials led to a forecast of a possible 25 basis point interest rate cut in September 2024.

Gold - a hedge against economic and geopolitical risks - tends to rise in price in low interest rate conditions.

The latest Kitco News weekly gold survey found industry experts are once again bullish, while retail sentiment has improved further from last week.

This week, 16 analysts participated in the Kitco News gold survey, which showed renewed optimism about the precious metal's near-term outlook.

Seven experts see gold prices rising next week. Only four predict a fall. The remaining five analysts predict a sideways price action this week.

Meanwhile, 193 votes were cast in Kitco's online poll. Main Street investors are more bullish on gold than they were last week.

127 traders expect gold prices to rise next week. Another 37 expect the precious metal to fall. While the remaining 29 see gold moving sideways this week.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-297-vang-nhan-phuc-hoi-1373216.ldo